GBOLABO AFUWAPE
Stanbic IBTC Holdings on Thursday announced that the Central Bank of Nigeria (CBN) has deducted the N1.886 billion fine placed on it for its involvement in the $8.1 billion MTN deal.
The commercial lender in a notice sent to the Nigerian Stock Exchange (NSE) stated that the Central Bank of Nigeria (CBN) has deducted N1.88 billion from the accounts of its banking subsidiary Stanbic IBTC Bank PLC.
This pertains to the fine imposed on the bank in relation to the remittance of foreign exchange on the basis of certain capital importation certificates issued to MTN Nigeria Communications Limited.
The in a statement signed by Chidi Okezie, Company secretary and made public through the Nigerian stock Exchange (NSE) , the group stated that that the CBN has debited the account of its banking subsidiary, Stanbic IBTC Bank which it has with the CBN to the tune of $8.1 billion for the full amount of the above-stated fine advised to the Bank.
In the press statement, the group however stated “Stanbic IBTC Holdings PLC, as well as our banking subsidiary, maintain our position on this matter, which is the fact that the Bank has done nothing illegal and accordingly the Bank will continue to provide CBN with documents and details in support of our contention that our actions in relation to these transactions were not illegal.”
It further stated that “Please note that this debit does not impact on the capacity of our banking subsidiary to handle clients’ requests or clients’ ability to continue to carry out viable business transactions with either the Bank or any member of the Stanbic IBTC Group, whether in relation to the importation of capital or otherwise, and our business transactions will continue to be handled professionally and in a manner that is aligned with Nigeria’s laws and regulatory guidelines.”
Recall that Stanbic IBTC were one of the four banks which Nigeria’s Apex Bank indicted last week to have collaborated with MTN Nigeria, to perpetuate a $8.13 billion deal.
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